Top US Finance Official Warns Climate Change Could Result In Financial Collapse

CFTC Commissioner Rostin Behnam.Screengrab/CFTC/YouTube

Federal regulator warns that climate change emergency could result in an economic crisis similar to the crash of 2008.

Earlier this week, a top federal regulator warned that human-caused climate change could be as large a threat to the economy as the housing market debacle that caused the 2008 financial crisis, according to Common Dreams.

Rostin Behnam, a member of the Commodities Futures Trading Commission, said, "It's abundantly clear that climate change poses financial risk to the stability of the financial system. The impacts of climate change affect every aspect of the American economy—from production agriculture to commercial manufacturing and the financing of every step in each process.” The CFTC is an independent federal agency that serves as a financial services regulator.

Behnam assembled a public meeting on Wednesday to discuss the threat climate change poses to the economy, specifically the nation’s agricultural sector.

President Trump appointed Behnam to his position on the CFTC because it was mandatory the spot be filled by a Democrat. Behnam’s comments are likely at odds with the Trump administration’s views, and the official is aware that his outspokenness could cost him his job.

Read the full story here